HFF announces $64M refinancing for Radisson Blu Aqua Hotel, Chicago

                                       
                Radisson Blu Aqua Hotel, Chicago,  221 North Columbus, Downtown Chicago, IL  
                                    

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $64 million refinancing for Radisson Blu Aqua Hotel, Chicago, a 334-room, luxury, modern hotel in downtown Chicago.

Daniel Kaufman

The HFF team worked on behalf of the borrower, a partnership comprising Al Rayyan Tourism Investment Company (ARTIC), Magellan Development Group and Carlson Rezidor Hotel Group, to place the 10-year, fixed-rate loan with J.P. Morgan Chase & Company.  HFF will service the securitized loan, proceeds of which were used to refinance the prior first mortgage. 

Completed in 2011, Radisson Blu Aqua Hotel, Chicago occupies floors four through 18 of the Aqua Tower, an 82-story mixed-use building within the award-winning Lake Shore East Development, along Lake Michigan.

 This hotel marked the first U.S. location for the Radisson Blu hotel brand, which is an upscale brand that currently operates in 400 properties now open or in development, in more than 110 countries.

 The Radisson Blu Aqua Hotel, Chicago features a state-of-the-art, 12,000-square-foot ballroom; 28,500 square feet of meeting space; 8,000-square-foot fitness center; dedicated yoga space; a junior Olympic-sized swimming pool; indoor, two-lane lap pool; and Filini’s restaurant. 

The location at 221 North Columbus is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront.

Nicole Aguiar

The HFF debt placement team representing the borrower included managing director Danny Kaufman, senior director Jeff Bucaro and associate Nicole Aguiar.

“It was an honor to work again with the team at ARTIC, Magellan and Carlson to arrange this financing,” Kaufman said.  “Aqua Tower is landmark building in Chicago, and the Radisson Blu is one of Chicago’s trophy hotel properties.”

“Given the property’s excellent location and outsized market performance, there was very strong demand in debt markets to finance the asset,” Bucaro added.

Jeff Bucaro

“We are delighted to have again worked with HFF,” said Tarek M. El Sayed, managing director and CEO of ARTIC.  “This arrangement reflects ARTIC’s commitment to financial efficiency and to finding the optimum financing solutions, so enabling ARTIC to increase the operational efficiency of our portfolio and continue to deliver our expansion strategy. 

“We are proud to have the Radisson Blu within our U.S. investment portfolio; it is an iconic property, and we will provide our full support to ensure it maintains its leading market position. 

“With an investment portfolio across the U.S., Europe and MENA, we will continue to examine significant opportunities for the profitable expansion of ARTIC’s international hospitality and property portfolio.”

For more information on this transaction, please contact:

Kristen Murphy

Director, Public Relations

One Post Office Square Suite 3500

Boston

,

 Massachusetts

 02109

T: 617-848-1572

 |  M: 617-543-4873

krmurphy@hfflp.com

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www.carlsonrezidor.com

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www.magellandevelopment.com.

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